A Jumbo Mortgage is any single loan amount over the conforming loan limit set by Fannie Mae and Freddie Mac, which is currently $417,000 for a one-unit property in most of the United States. Conforming limits may be higher in areas of the country with more expensive housing; for example, the conforming limit is $625,500 in Alaska and Hawaii. Jumbo Mortgages are non-conforming loans, so they are not backed by Fannie Mae and Freddie Mac. Jumbo Mortgages usually have higher interest rates because they carry greater risk.
Academy Mortgage specializes in financing Jumbo Mortgages up to $3 million on a primary or second home1. Academy offers competitive pricing on fixed-rate and adjustable-rate Jumbo mortgages at historically low rates.
What are the benefits of a Jumbo Mortgage?
Jumbo Mortgages offer the following features:
Allow purchase of a more expensive home with a minimum 20% down payment.
No private mortgage insurance is required with a 20% down payment.
Interest on loans up to $1 million is tax-deductible (consult a tax professional for more information).
Flexibility to take advantage of refinance opportunities.
Closing costs are about the same as conforming fixed-rate mortgage programs.
Academy offers a Preferred Payment Plan on select Jumbo Mortgages that could reduce your interest rate by .250.
Who may benefit from a Jumbo Mortgage?
Jumbo Mortgages are primarily designed for buyers who are able to afford a luxury home and higher monthly payments, yet may not have the savings to make a huge down payment.
For more information
Contact your Loan Officer today to see if a Jumbo Mortgage is the right solution for you. We take pride in delivering value and savings to homebuyers across the United States. It would be a pleasure to help.
1 $3 million is only eligible in certain areas and is subject to property type, loan-to-value, and credit score. Rates, program terms, and conditions are subject to change without notice. Additional conditions, qualifications, and restrictions may apply...
Author:Victor DeFrisco Phone: 561-951-3759 Dated: September 13th 2016 Views: 182 About Victor: ...
View our latest blog posts in your RSS reader. Click here to access.
We are a full service real estate brokerage with over 100 agents to serve you. Let us be your real estate resource. Regardless whether you need to buy or sell now, or sometime in the future, let us help you. We are no pressure and will always try and help. Contact us at 561-792-3948 now.
"When I sold my home I interviewed many Companies. Knowing most buyers come from the internet I was looking for a Company with a strong internet presence. I googled some terms like, "Lake Worth Homes For Sale" and "homes for sale in Lake Worth", and almost every time Exit Realty Premier was on the first page of Google. Then when I met with the agent from Exit Realty Premier and saw the HD photographs, aerial photos, on line visual tours and videos and all the technology I was sold. I signed with them and sold my home in record time, for the price I wanted and had a smooth quick closing. My agent was very professional and knowledgeable and kept me informed every step of the way.